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Know the current happenings at Medicalbillersandcoders and it’s participation in making billing and coding a simpler process.

AR Cleanup Fair from MedicalBillersandCoders.com

With the end of third quarter clearing houses witness a surge in inquiries for outsourcing medical billing for recovering their AR. MedicalBillersandCoders.com thus announces AR cleanup Fair.

Physicians of various specialties are getting worked up because of their pending revenue for this quarter of 2014. This is substantiated by a survey we conducted on thousands of physicians on the professional networking platform LinkedIn. Here are some reasons cited for the pending reimbursements:

Lack of following up with insurance carriers and patients is reported as the common problem for not recovering the charges incurred for rendering medical services

Using the traditional method of mailing the hard copies of patient records and superbills to insurance carriers, because it takes time for the documents to reach them

Filed claims are not monitored regularly as a result of which the Rejections or Denials lie unattended

The Ideal AR Age

Although physicians with an in-house billing team should get their payments within 21 days of filing in case of government insurance payers, in most of the cases it doesn’t happen. A follow-up call to the insurance company takes at least 15 minutes, which means a billing professional has to dedicate at least an hour for tracking four claims.

MedicalBillersandCoders.com holds a record of maintaining the major AR aging portfolio within 60 days for its current set of clients.

Quarterly AR Performance

Our survey threw light on the fact that physicians are so caught up rendering their expert services to patients that they hardly get time to monitor their AR quarterly. Another point that came forth during this survey is that physicians would like to have a comparative figure of both, the patient ageing and insurance ageing.

Patient Ageing
This term denotes the accounts receivables from the patient’s end, i.e. the collection of patient co-payments. This is one of the most prominently lacking factors in the payment collection process. It is also observed that medical practices do not keep a track of this AR age.

Insurance Ageing
Insurance carriers are becoming infamous for not releasing payments due to the changing healthcare reforms and alterations in CMS regulations. A lack of properly skilled in-house staff makes the following up process laid back and neglected.

In case you are not comparing or calculating your AR days already, here the formula to apply:

Accounts Receivable days = Invoice due date - payment receipt date

“MBC has analyzed and recovered maximum possible dues of physicians with minimum write-offs in case of AR age above 180 days, where this particular AR bucket gives only five percent scope for collections,” says Steve Martin, Web Marketing Director. “After observing too many physicians inquiring for an AR cleanup we thought of introducing this AR fair.” The following billing services are the highlights of outsourcing with MBC:

Expert coding professionals who have a track record of minimum error rate

We Dominate Over

Our Reach

Medical Billers and Coders is the largest consortium in the United States. We can help you save 35% of your cost in medical billing services and reduce your Account Receivables (AR) days to an average of 21 days.

Recruitment

The impending transition to ICD-10, one of the most crucial changes in healthcare, the new coding system is here. MBC’s professional services in ICD-10 can help you with end-to-end solutions for a successful implementation.